MILPITAS, Calif. (AFX) - Integrated circuits manufacturer Linear Technology Corp. said Wednesday it received a subpoena from the U.S. Attorney's office for the Northern District of California requesting documents related to its stock option grant practices.
Linear said it received the subpoena on June 26 and will comply quickly with the request.
The subpoena follows a similar announcement June 15, when the company said it received a notice from the Securities and Exchange Commission requesting stock option grant documents.
Linear is one of at least 51 companies that are under investigation by the SEC or federal prosecutors for possibly backdating stock option grants to coincide with share price lows in order to increase gains when the stock is sold.
On May 24, Linear Technology said it was named in two stockholder derivative lawsuits that alleged the company illegally backdated stock option grants to executive officers between 1995 and 2002. The company said it intends to defend the lawsuits, and doesn't expect a resolution of the lawsuits to have a material effect on results.
Shares of Linear were trading at $32.64 in the extended session, down 52 cents from Wednesday's closing price of $33.16 on the Nasdaq.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.